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BUSINESS COMBINATIONS | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONSIn the nine months ended September 30, 2019, we acquired eight businesses: three tuck-in solid waste collection businesses in our Eastern region and three tuck-in solid waste collection businesses, a business comprised of solid waste collection, transfer and recycling operations, and a business comprised of solid waste hauling and transfer assets in our Western region. In the nine months ended September 30, 2018, we acquired one solid waste collection, transfer and processing business in our Eastern region and three solid waste collection businesses, including a transfer station, in our Western region. The operating results of these businesses are included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. Such assets are amortized over a five to ten year period from the date of acquisition. All amounts recorded to goodwill, except amounts related to certain acquisitions, are expected to be deductible for tax purposes. A summary of the purchase price paid for these acquisitions and the allocation of the purchase price for these acquisitions follows:
| Nine Months Ended September 30, |  |
| 2019 |  | 2018
Purchase Price: |  |  |
Cash used in acquisitions, net of cash acquired | $ | 71,038 |  |  | $ | 57,824 |
Notes payable | 2,714 |  |  | — |
Common stock | — |  |  | 4,258 |
Other non-cash consideration | 5,470 |  |  | — |
Contingent consideration and holdbacks | 1,755 |  |  | 4,996 |
Total | 80,977 |  |  | 67,078 |
Allocated as follows: |  |  |
Current assets | 1,935 |  |  | 2,968 |
Other non-current assets | 367 |  |  | — |
Land | 2,487 |  |  | — |
Buildings | 5,422 |  |  | 7,539 |
Equipment | 20,592 |  |  | 11,520 |
Intangible assets | 31,171 |  |  | 20,300 |
Other liabilities, net | (3,040) |  |  | (2,443) |
Deferred tax liability | (2,137) |  |  | (1,230) |
Fair value of assets acquired and liabilities assumed | 56,797 |  |  | 38,654 |
Excess purchase price allocated to goodwill | $ | 24,180 |  |  | $ | 28,424 |
Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, these purchase price allocations are subject to change. Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2018 is as follows:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2019 |  | 2018 |  | 2019 |  | 2018
Revenues | $ | 204,293 |  |  | $ | 196,686 |  |  | $ | 579,390 |  |  | $ | 561,912 |
Operating income | $ | 19,369 |  |  | $ | 31,505 |  |  | $ | 42,321 |  |  | $ | 53,051 |
Net income | $ | 12,905 |  |  | $ | 23,794 |  |  | $ | 24,810 |  |  | $ | 24,745 |
Basic earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 47,690 |  |  | 42,779 |  |  | 47,029 |  |  | 42,605 |
Basic earnings per common share | $ | 0.27 |  |  | $ | 0.56 |  |  | $ | 0.53 |  |  | $ | 0.58 |
Diluted earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average shares outstanding | 48,361 |  |  | 44,175 |  |  | 47,660 |  |  | 43,938 |
Diluted earnings per common share | $ | 0.27 |  |  | $ | 0.54 |  |  | $ | 0.52 |  |  | $ | 0.56 |
The unaudited pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2018 or of the results of our future operations. Furthermore, the unaudited pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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